Archive for March, 2010
Want To Buy A Foreclosed Home?
What are Foreclosed Homes and Properties?
Foreclosed real estate homes and properties are properties which are often used by loan borrowers for seeking a loan from a bank or a financial institution. In the event a loan borrower fails to repay the amount in the predetermined time period the bank or the financial institution can seize the property and put it on sale to recover its dues which was used as collateral.
Why Foreclosed Properties are Sold at Discounts?
Such properties and homes are sold at discounts at heavy discounted rates. The logic behind is that foreclosed real estate properties are a kind of nonliquid assets of the bank or lending institutions. Even selling at throwing prices banks or financial institutions make considerable profit before the default announced. It is not surprising that properties can be available at the discount of about 65 to 85 of their original prices. That is why demands of such properties are constantly on rise and many people are considering this option to get their dream home.
You can get a good bargain on these properties with your preferences and specifications. Start looking for a competitive deal on getting the most suitable real estate property and home to reap the benefits like never before. However foreclosed real estate properties may require cleaning and repair to make it a good and comfortable livable place. Some properties may look a bit shabby from outside but still really very good inside. So before going for such property deal you need to have a close look on its condition and estimate the repair costs to get the real benefits.
Foreclosed homes for sale generally have back taxes dues. Investigate property on these matters and make a wise decision. You must consult your lawyer to handle these issues carefully.
About the writer:nbsp;nbsp;Myself webmaster of www.ushomeauction.com a online resource of the foreclosed home foreclosed properties and foreclosed home listing.
Understanding The Foreclosure Laws In Your State Can Save Your Home
The foreclosure process may be initiated when a given property owner defaults on his or her mortgage loan. It is initiated by the lender and can result in the seizure and sale of the property. There are different stages of the foreclosure process to consider. These stages present the borrower with opportunities to bring the loan back to a current standing and negate the foreclosure. The time periods for each stage may vary from state to state as well.
After a specified time period normally 90 days the lender files a Notice of Default at the Circuit Court in the county in which the property is located. This serves as an alert to the borrower that the foreclosure process is beginning. This should come as no surprise in the vast majority of cases. This is the time to request the advice of a professional foreclosure consultant. They can help you understand how to save your home from foreclosure. Learn more at Stop Foreclosure Help Today.
The Notice of Default also marks the beginning of a period in which reinstatement is possible. This reinstatement period lasts as long as up to one day before the actual sale of the property. With foreclosure rates at record high levels countrywide both the lenders and state governments are attempting to give borrowers every opportunity to bring their loans current. Since October 2007 there has been a 71 increase in the amount of foreclosures filed. There were 81312 foreclosures filed nationwide in September of this year alone.
If the loan is not brought current during this reinstatement period a sale or auction date is then established. The borrower is presented with a Notice of Sale normally via both firstclass and certified mail. The Notice of Sale is also to be posted at the property in question. It is normally taped boldly to the front door. The lender is also required to run an ad in the local newspaper notifying the public of the sale for three weeks in advance of the sale date. State dependent borrowers are still able to intervene in the foreclosure process. Most states allow the borrower to bring the loan current until the day before the sale or auction.
If the loan is still not brought current and the sale is held the opening bid is normally set at the amount of the balance of the defaulted loan plus interest accrued and any other fees associated with the sale. Of course having a skilled foreclosure consultant in your corner goes a long way towards saving your home from foreclosure. They can deal with lenders court systems and all other involved parties on your behalf and find ways for you to be able to stay in the home that you have worked so hard to acquire. Remember that the initiation of the foreclosure process doesnt necessarily mark the end of your home ownership.
About the writer: Igor Mosyak holds the MBA and BS in International Business and Marketing from University of Maryland at College Park. Igor has an extensive knowledge in marketing and advertising from his previous experience and current career in the world of International and Domestic Real Estate activities. Igor Mosyak is the owner and operator of www.StopForeclosureHelpToday.com an organization dedicated to helping homeowners facing foreclosure. We provide a wealth of information on the whole foreclosure process and provide visitors of our website with FREE eBook on “Stopping ForeclosureUnderstanding Your Options”
Understanding Hawaii Real Estate Statistics !
Many of my clients whom I worked with in Oahu real estate or visited the web site www.ihomeshawaii.com get overwhelmed with all the real estate statistics they are bombarded with. Some from newspapers some from agents some from brokerages some from the boards some from friends and family….and more other sources…where do you go how do you untangle the numbers what do they mean to your property…!!!
Here are some points to consider as you are reading statistics..!
1 Who supplied you with the statistics believe it or not statistics are the easiest form of mathematical numbers that can be tweaked to lean one way or another. Be safe and read statistics only from the Board of realtors not news paper not brokerages…etc
2 Be aware of the terms used newspaper are notorious of saying for example “Real Estate sales are down 30″ which could be true however “sales” usually means number of properties sold “not” prices. Hence most of readers think the prices are crashing when they are not. There are many cases when prices are stable or going up or slightly down and number of sales are significantly down. Don’t panic and sell your house ask the question and make sure you read between the line and under the headlines of newspapers.
3 If you got information about some price statistics or number of sales and has some comparisons. You will need to make sure it is comparing to same month of different years usually using current month and year Why Because real estate market is seasonal; hence when comparing you need to make sure the comparisons are correctly referenced. As an example you cant compare Feb 2005 with July 2006 the correct way is to compare July 2005 with July 2006 this is called monthto month comparisons. Anther questions rises How about what happened already between Jan 2006 and July 2006 can this be compared to Jan2005 and July 2005 the answer is Yes this what is called Yeartodate comparisons. Yeartodate comparisons give you a good sense of the market trend for that specific period these kind of comparisons are very good indication how the market is doing only in a coherent trend market not a transitional market up or down like 2006. In a transitional market monthtomonth and yeartodate comparisons ends up to be whacked out what is the solution well you need now to see what the trend is and compare the last few months in the same year Ouch what happened to the seasonal comparisons you told us about Fadi well correct you can still do yeartodate or monthtomonth comparisons however it is not enough you need to know where the market is going and what it is doing in the transitional market hence understands the trend and keep in mind the seasonal effect AND check point 4.
4 Beware of all island statistics I strongly believe it is only a guide line what the over all market and economy is doing. But will never tell you what you should list your house for and what you will offer for a house WHY well the answer is simple and in tow folds. First fold in a normal market balanced like these days 2007 not 2006 2005 2004..you knowJ appreciation and depreciation neighborhoods constructions beaches views locations new lawsetc all these dont apply to all neighborhoodsThe second fold gets more complicated it is whe market is in a steep diveEarly 90s price or number of sales Rocketing upward 20012005 or in transition 2006 in these markets all island statistics is worse because it is usually a pocket market is taking place what applies to Kailua doesnt apply to Makiki not to Makaha not to Kaneohe next door to Kailua not pearl city why because in transition or upward and down spiral markets each neighborhoods will be in different stage and either appreciating more or depreciating more than the others and might have way more inventory or way less inventoryetc What to do look at neighborhood statistics and compare the same neighborhood to its self. BEST cut to the chase solution is to do a IMMEADIATE localized comparison analysis to your property with full statistics not many folks can do that call me or email me I can do that for you there is a reason why my listings sell and my buyers end up buying dont you just love my Advertisement here ..:
5 Where do I go for statistics to give me an idea where the real estate market is going: BOARD OF REALTORS in this case it is Honolulu board of realtors. Where do I go to get statistics and comparisons for my immediate localized property/neighborhood well just call me 8084283659 or email me fadihawaiiaol.com. Why use Honolulu board of realtors or board of realtors for that matter well they are the unbiased and neutral resource you will ever get. Why use Fadi for the localized comparisons because no matter how accurate all island statistics are it will never be able to tell you the dynamics around your property that will decide the price for your house you need someone like Fadi to do the statistics and comparison analysis. Also all island board of realtor statistics will never be able to know if there is a brand new school coming up Golf course new laws military spending and more in specific area that will make the neighborhood more attractive or less attractive.
6 MSIR rule If you want to forget all about statistics then at least watch what the following statistical parameters are doing : A Median sale prices. BNumber of Sales. CInterest Rates. If you master these for your own neighborhood and state interest rates you will have a good idea what market is doing for your property. NOW wait a minute Fadi how about other criterias and parameters that decides the market.like inventory.days on marketDOM.WellYes these are also important but all of those are side effects and are embedded in the MSIR rule. Think about it and if not convinced call me 8084283659 or email me fadihawaiiaol.com or visit www.ihomeshawaii.com
7 Which one should I follow average numbers or median number. PLEASE dont look at average numbers. ALWAYS watch and look for Median numbers. Average numbers are always whackedyes just like in Sopranos Why are they whacked? Well because if there are 10 properties sold for 500000 and one property sold for 4 Million. Then watch the averageOh man it is around 818000…well is this correct representation of the 10 houses sold for 500000? Does this mean the next 500000 house should list their house for 818000 NO you can see how one property with completely different value threw off the real value of this neighborhood. Ok what is in Median value for this example is 500000 wow what a surprise.: it is a good representation of this neighborhood. If you dont know how to get the median call me 8084283659 I can walk you through it.
About the writer: www.ihomeshawaii.com